In trading on Thursday, LinkedIn, the social networking site for career-minded individuals, gained $3.50, or five percent, to $70.32. And, Pandora, the company that lets you design your own internet radio station, added 66 cents, or five percent, closing at $14 a share.
Both stocks were highly anticipated before their initial public offerings, and many investors believe they are only a prelude to much bigger stock offerings by Facebook, Groupon, and Twitter.
Henry Blodget, CEO and editor of Business Insider, doesn't think it's a bubble.
"Tech is in a boom, the internet business is doing extraordinarily well, there are lots of companies that have built real businesses, which is very different than in the 1990s, where so many were just so young," he said.
"In the public markets, the reason people are talking about a bubble is that you see huge first day pops in stock prices, as with LinkedIn. But if you look at the way the stocks have behaved, and you look at some of the underlying fundamentals, there are some that are expensive, but they're just nowhere near the valuations that we saw in the 1990s."
Full disclosure: Blodget is known as the former Merrill Lynch analyst, who settled fraud charges with the Securities and Exchange Commission in 2003, not long after the tech bubble of the late 1990s — but he's talking to us as a journalist. He'll explain what makes tech stocks attractive to some investors, and whether New York City can become a center for technology companies to rival Silicon Valley.
Word of a new austerity plan for Greece helped markets recover some from losses earlier in the day. The Dow ended at 12,050, down 60 points. The S&P 500 declined 4 points, settling at 1,284. And the Nasdaq actually gained 18 points, closing at 2,687.
Word of a new austerity plan for Greece helped markets recover some from losses earlier on Friday. The Dow ended at 12,050, down 60 points. The S&P 500 declined four points, settling at 1,284. The Nasdaq actually gained 18 points, closing at 2,687.